Broker Check

Back to the Basics

April 12, 2018

The most important personal finance concept is simple but often overlooked 

It sounds easy, but a lot of people become more concerned with fine-tuning the bells and whistles of their portfolio than focusing on the basics that make investing possible in the first place. 

Whether you're just starting to build wealth or are nearing retirement, you should have a plan in place to serve as your financial foundation. Maximizing your income, evaluating your spending habits, and implementing an efficient plan to allocate the difference will most likely have a greater impact on your finances over time than making tactical trades or chasing the latest investment trends.

Along those lines, several of our clients use our Income and Expense Planner for guidance. It's a tool created by Platania Financial to help people gain a more complete picture of their monthly expenses compared to their income (for more information, shoot me an email). Here's a screenshot from our Income and Expense Planner that you can use as a starting point:

Having a plan in place and focusing on the things you can control could significantly improve your probability of financial success. So whether you use our blueprint or your own, get back to the basics before prioritizing the more advanced aspects of your portfolio.




The example featured above is for information purposes only and should not be considered specific advice or recommendations for any individual.